Urea futures were up sharply on the day, driven by rumors that the government would issue more export quotas than expected. There hasn’t been any official announcement, and it seems unlikely that China would want to export more given the government’s focus on food security and the global volatility. But these rumors caused urea prices to rise by almost 5% intraday on Tuesday.
Corn futures are also rallying again, with Tuesday seeing the highest daily close for the front-month contract since July...